Zurich operating profit down 37%
New boss Greco to start early as up to 8,000 roles threatened.
Zurich's profits for 2015 dropped 37% to $2.9bn, a decrease of $1.7bn on the previous year.
The insurer described the results as "disappointing" and warned that up to 8,000 roles could be eliminated by the end of 2018 as the business seeks to generate efficiency. COR also deteriorated to 103.6%.
Globally the general insurance result decreased by $2.1bn to $864m "due to a substantial increase in the costs of large and catastrophe losses, particularly in the second half of the year".
Efficiency
Int
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